Co-op ministry provides K224 bn in loans to 2 million households

Vice President U Nyan Tun addresses ceremony aiming at rural area development and raising socio-economic development in Yangon Region.

The Ministry of Cooperatives has provided a total of more than K224 billion in loans to over two million households in 307 townships and 23,000 villages across the country, according to the ministry.
The new loans were given out to the cooperatives in Yangon region on Saturday morning, witnessed by Vice President U Nyan Tun at the National Indoor Stadium (1) Thuwunna in Thingankyun Township.
At the event, the vice president said Myanmar is creating laws and bylaws to promote the livelihoods of farmers through agricultural loans and modern technologies, markets for agricultural produce and input items.
He said the cooperative system is aimed at helping its members reduce their financial dependency on the state by developing their own capital.
The Ministry of Cooperatives has given out the low-interest loans on three occasions to help farmers.
U Nyan Tun urged the members of cooperatives in Yangon Region to take lessons from the past and to maintain good practices in the future.
Union Minister for Cooperatives U Kyaw Hsan also explained rural development activities, promoting socioeconomic development and poverty alleviation schemes of the ministry by implementing eight activities of the ministry across the country.
Yangon Region’s Chief Minister U Myint Swe also clarified rural development programmes and promotion of the socio-economic lives of the people in the region.
The union minister and the chief minister then disbursed the loans to the cooperatives in Yangon region.
U Khin Maung Aye, the chairman of the Central Cooperative Society and the CB Bank, gave K 6,530.926 million to the cooperatives to purchase 784 motorcycles, 77 trishaws, 1,751 sewing machines and 1,564 units of agricultural equipment.
Along with 150,000 members of cooperatives from four districts of Yangon Region, Vice President U Nyan Tun and officials viewed photos displayed to showcase the activities of the cooperative ministry and the agricultural equipment to be sold in installments.